-- Connecting the dots between our economy, government and business --
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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“We can’t keep taxing the hell out of all of our people who make substantial incomes,” Lightfoot told the Chicago Sun-Times editorial board.” Lori, as a partner in a large law firm, sees first hand what state and local taxes do to incomes. The Feds whack you hard first and then IL and Chicago take what they can of the rest. She’s not dumb, I just hope the ‘intersection’ of her progressive values and fiscal reality results in a better city. I’ll tolerate her Trump and GOP trashing if she can actually accomplish some fiscal reform. Doubtful but then again,… Read more »